This excerpt originally appeared in The Daily Caller on May 7, 2012.

Consider: When we raise taxes on corporations, we raise their cost of doing business. They must recover those costs from elsewhere. Firms can do so by cutting wages and benefits or by raising the prices of their products. One study by Harvard economists estimated that 45 to 75 percent of the burden of a corporate tax increase is borne by workers and another from the University of Michigan found that a 10 percentage point increase in the corporate income tax reduces mean annual gross wages by seven percent. Some corporations may respond to corporate tax increases by reducing their profit margins, which means fewer dividends and lower share prices for stockholders.
All of these options have negative effects on real human beings.